Repossession
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Can a bank report a repossession on a credit report when the local dealer co-signer was the one that repossessed the vehicle and paid the bank in full?

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2015-07-15 21:30:49
2015-07-15 21:30:49

lets get the FACTS straight. Heres what I'm seeing. A(person) buys car from (dealer) D.D "co-signs" the loan. A defaults on loan and D repos the car. B(bank)reports repo on A CR. Simple. A had loan in default, got repoed. Repo goes on CR because it happened. WHO did the repo is immaterial. Repo doesnt go on D because D "PIF".

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Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.

A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.

VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.

Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.

By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.

They will come to you for the money if they can't find him. It will be on your credit as a repo as well. As a co-signer, you sign that you will take over payments if the signer fails to make the payments.

Yes, voluntary repossession. Your credit will still suffer and the leinholder needs to sell the vehicle to get their money back. If they are unable to cover the loan fully, you are responsible for the difference.

No. Your credit report is a record of all transactions on reported accounts. The repossession will show in the history, but so will the redemption.

They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.

this is the main reason why people need someone to sign for them.(bad credit) the answer is yes

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.

The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.

it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.

You need to have him sign over the car to you and pay the note. Regardless, you have to pay the note.

AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.

Yes. However, please note: 1. If the creditor who repossessed your old vehicle sued you and obtained a judgment against you, you would have to pay the judgment in full before buying another car. Otherwise, the judgment could be attached to you new car, and it too would be repossessed. 2. After a repossession, you may find it hard to get financing for a vehicle. If you need financing, check with your local bank or lenders who specialize in giving loans to borrowers with less than perfect credit.

You should be able to get a car loan with a qualified cosigner. Even with a repossession on your credit you should be able to finance a car loan.

It won't help much unless you can sweet-talk the lender and convince him to remove the repossession from the credit report. Otherwise, the repossession stays on the record and the only 'improvement' to your credit rating would be the lack of an accompanying past due status.

It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.

Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.

This will usually be stated in the contract you sign when financing the vehicle. Some places, especially the "Bad Credit/No Credit" lots will attempt to repossess in as little as one day after payment is due. I don't see any financier letting it go for longer than 4 months with no payment be for they file for repossession.

If your power gets shut off and you go in and pay the bill current, did your power get shut off?


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